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Investors & landlords
Does your example apply to the "your property assets" page? Some of the improvements I've made on the house are in that list of assets I've depreciated in the past (~$40,000). Some improvements/renovations I've made are after the tenant moved out (~$30,000) .
1)How do I account for the $30,000 of improvements after tenant moved out that I have not depreciated in the past?
2) To clarify from your example, when TT is asking for "sales price of each item", I should total all my improvements and assign a percent value, e.g. 20% for improvements then when it asks for sales price of each item, I should assign it a value from the 20%?
Ex: new cabinets are 10% and new plumbing is 10% = 20%
Thank you for your response!
‎February 20, 2024
9:51 AM